LiveMore Capital has announced it is expanding its product range by launching its first ever Capital & Interest (C&I) mortgage for borrowers aged 50 to 85.

The lender entered the market just over two years ago with interest-only mortgages and is now branching out to offer more choice to borrowers and brokers.

There is demand from over-50s customers for C&I mortgages, LiveMore stated, after its own research indicated that 62% of customers want to be left with as much equity in their homes as possible. It found that they ultimately want to own their property outright, maximising their estate for inheritance purposes to pass onto family.

LiveMore believes that its younger borrowers, those aged between 50 and 65, would particularly welcome a C&I option but added that there is also demand from those aged over 65. Data from UK Finance found that between two and three times more C&I loans are taken, larger than interest-only, in this segment of the market.

The lender’s new C&I mortgage has five and 10-year fixed rate options with loan terms from five up to 35 years and a maximum LTV of 85%.

Head of intermediary sales at LiveMore, Phil Quinn, commented: “We always intended to expand our product range to include C&I and are excited that we can now launch into this new area of lending for us.

“Like our interest-only products, the C&I mortgage is available to borrowers with a range of criteria, including allowing for historical credit history and unusual property construction. We manually underwrite our applications and affordability is based on all income, now and in the future, such as investments and pensions.”

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